Print Friendly HOUSE BILL NO. 250 – Estate/transfer tax repealed
HOUSE BILL NO. 250
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H0250..................................................by REVENUE AND TAXATION
ESTATE/TRANSFER TAX - Repeals existing law to delete the estate and transfer
tax, effective January 1, 2006.
02/12 House intro - 1st rdg - to printing
02/13 Rpt prt - to Rev/Tax
|||| LEGISLATURE OF THE STATE OF IDAHO ||||
Fifty-seventh Legislature First Regular Session - 2003
IN THE HOUSE OF REPRESENTATIVES
HOUSE BILL NO. 250
BY REVENUE AND TAXATION COMMITTEE
1 AN ACT
2 RELATING TO THE ESTATE AND TRANSFER TAX; REPEALING CHAPTER 4, TITLE 14, IDAHO
3 CODE, THE ESTATE AND TRANSFER TAX REFORM ACT; AND PROVIDING AN EFFECTIVE
5 Be It Enacted by the Legislature of the State of Idaho:
6 SECTION 1. That Chapter 4, Title 14, Idaho Code, be, and the same is
7 hereby repealed.
8 SECTION 2. This act shall be in full force and effect on and after Janu-
9 ary 1, 2006.
STATEMENT OF PURPOSE
The purpose of this legislation is to repeal the Estate Transfer
Tax Effective January 1, 2006. This section of Idaho code is
tied to the federal credit that is being eliminated and will be
gone in 2005.
The Estate Tax is levied on a person's estate when they die. The
money gained from this tax goes to the state's general fund and
fluctuates each year depending on the size of the estates of
those who die.
Name: Sen. Shawn Keough
STATEMENT OF PURPOSE/FISCAL NOTE H 250